From Jared 2.0, Solana MEV to Searcher-Builder Integration; 2024, What An Impactful Year of Crypto
The Top 5 Research Posts You Can't Miss.
As the DeFi space evolves, so do the strategies, risks, and opportunities that define it. At EigenPhi, 2024 has been a year of deep exploration into the mechanics of MEV, Builders’ bidding wars, searcher-builder integration, and cutting-edge crypto strategies. Through our Substack, we’ve unpacked the most impactful events and insights that shaped the crypto landscape, from Solana’s arbitrage potential to Ethereum’s MEV masterminds, like Jaredfromsubway.eth 2.0.
In this annual review, we revisit the five most-viewed articles, each providing invaluable lessons for traders, developers, and DeFi enthusiasts. Let’s dive into the stories that captured the attention of the crypto world.
Here is the most viewed post.
Jared 2.0, an evolution of the infamous MEV bot jaredfromsubway.eth, has emerged with sophisticated multi-layered sandwich attacks. The bot employs advanced tactics, including complex token routing paths, multiple intermediate tokens in transactions, and deliberately obscured profit calculations to avoid detection. It began operations on August 1, withdrawing $2.2 million to associated addresses, and uses variable activity patterns to mask its operations. The new bot's enhanced strategies make analyzing and tracking profitability more difficult than its predecessor.
MEV on Solana has gained a great deal of attention, illustrated in the views of the next post.
The article analyzes triangular arbitrage on Solana's Jito network through two key transactions. The strategy involves exploiting price differences across three trading pairs simultaneously, with traders using Jito's block engine for optimal execution. A notable case study showed how arbitrageurs leveraged price discrepancies between SOL/USDC, BONK/USDC, and BONK/SOL pairs for profit. The analysis highlights Solana's high-speed capabilities and Jito's specialized infrastructure in facilitating complex arbitrage strategies.
While Solana is getting hot, some searcher-builders have been raking fortunes for several months.
Yoink demonstrated sophisticated MEV extraction through multiple advanced tactics: leveraging flash loans up to 4,251 ETH to exploit 1inch limit orders, combining white hat security exploits with arbitrage opportunities, and executing complex multi-venue trading strategies. Their searcher-builder integration enabled dense block packing with multiple MEV transactions, achieving an impressive 18 ETH average profit per block. Key strategies included flash loan arbitrage, strategic liquidations during market volatility, and sophisticated token routing across multiple venues.
Calculating an MEV’s Profit and Loss is not easy. This post from our research team gives you an algorithm to start with.
The article outlines a sophisticated approach to calculating MEV transaction profitability through a 10-step process. Key technical aspects include tracking multi-token balance deltas across transactions, incorporating builder payments into profit calculations, and considering both ETH and USD denominated values. The methodology demonstrates how advanced MEV operators must account for multiple cost layers: direct gas costs, builder payments, and token value changes. This comprehensive calculation framework helps optimize MEV strategies by providing accurate profitability metrics.
As the Dark Forest of Crypto, MEV is not that dark for builders. You could call it clear as day, which motivates the beaver to work with Jared to benefit itself.
BeaverBuild employed sophisticated MEV tactics by leveraging its position as a block builder to execute coordinated backrunning strategies. Their advanced approach included using identical calldata to Jaredfromsubway.eth's bot, capturing dual revenue streams through priority fees, back-running arbitrage, and strategic transaction positioning. The operation generated $476K over 45 days, primarily through backrunning BananaGun's transactions. Their technique demonstrates advanced builder-level MEV extraction by combining privileged transaction visibility with coordinated backrunning execution.
These are the top 5 posts of 2024. In the coming days, we will review our past research in 5 categories:
Searcher-builder
Bidding War of Builder
MEV Builder Strategies
Transaction Analysis
Ecosystem Crisis
Stay tuned!
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